This archive report was first published on 12 June 2020.
Kenya's tech scene has received a significant boost with the announcement of five women-led businesses receiving KSh 1 million in seed funding from Standard Chartered Bank Kenya. The funding is a result of the successful completion of the third cohort of a tech incubation program launched in 2017 by the Bank in partnership with iLab Africa – a division of Strathmore University.
According to the Bank, the five winners were selected from a group of 180 companies that competed for the top prize. The companies, which include Bena Care, Arbres Biotech, Nature's Touch, Soul Food enterprises, and Taste Afrique, were chosen for their innovative ideas and potential to drive growth in the tech sector.
Standard Chartered Bank Kenya Chief Executive Officer Kariuki Ngari congratulated the winners, stating that the Women in Tech program aims to support and nurture entrepreneurship, technology, and business growth for women. He noted that women in Kenya face significant challenges, including limited access to credit and land ownership, and that the program is part of the Bank's efforts to address these inequalities.
“Often, people ask why the focus on women and girls. The reality is that in Kenya and globally, women and girls fall behind in many aspects of development and equality. For instance, in Kenya, women constitute about 50% of our population, provide 80 percent of Kenya’s farm labour, and manage 40 percent of the country’s smallholder farms yet own only 1 percent of agricultural land; and receive just 10 percent of available credit. This is why there still needs to be continued focus on supporting this half of our population. As a bank, we want to do our part in empowering women and girls,” Mr. Ngari said.
Each year, the Women in Tech program trains more than 10 small and medium businesses leveraging on technology by offering mentorship, advisory, coaching, networking opportunities, access to seed capital, and investor forums that help mold their businesses to international standards. 30 startups have participated to date, and 15 have been awarded Kshs one million each in seed funding.
Dr. Joseph Sevilla, Director of iLab Africa-Strathmore University, praised the program's impact, stating that it has shown tremendous increase of women businesses with great potential to drive the Kenyan economy to greater heights over the years.
For the first time since inception of the Standard Chartered Women in Tech program, the winners were selected and awarded virtually due to the ongoing Coronavirus disease (Covid-19) pandemic. Mr. Ngari noted that the pandemic has highlighted the importance of technology in business success.
The program is part of the Bank's community engagement strategy, Futuremakers by Standard Chartered, which aims to tackle the issue of inequality and promote greater economic inclusion for young people in various communities and economies, with a focus on girls and women.
